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Behavior and the organization of the firm

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  • Macleod, Bentley

Abstract

In this paper a new way of distinguishing between cooperative and non-cooperative organizations is introduced. This distinction is based on well-known solution concepts and is applied to the problem of organizing production teams in a firm. Our first results demonstrates that income-sharing cooperative firms are not necessarily inefficient as suggested in the work of Alchian and Demsetz (1972) and Holmstrom (1982). Secondly, it is shown that if a capitalist firm is interpreted as a non-cooperative organization, then it must be less efficient than corresponding cooperative organizations due to the additional monitoring of workers needed to stop shirking.
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Suggested Citation

  • Macleod, Bentley, 1987. "Behavior and the organization of the firm," Journal of Comparative Economics, Elsevier, vol. 11(2), pages 207-220, June.
    • Handle: RePEc:eee:jcecon:v:11:y:1987:i:2:p:207-220
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    Cited by:

    1. Fleckinger, Pierre & Martimort, David & Roux, Nicolas, 2023. "Should They Compete or Should They Cooperate? The View of Agency Theory," TSE Working Papers 23-1421, Toulouse School of Economics (TSE), revised Jan 2024.
    2. Dow, Gregory K. & Putterman, Louis, 2000. "Why capital suppliers (usually) hire workers: what we know and what we need to know," Journal of Economic Behavior & Organization, Elsevier, vol. 43(3), pages 319-336, November.
    3. W. Bentley MacLeod & James M. Malcomson, 2023. "Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment: Thirty Years On," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 179(3-4), pages 470-499.
    4. Zou, L., 1993. "Ownership structure and efficiency : An incentive mechanism approach," Other publications TiSEM a72a05c2-b3f2-47c7-a003-f, Tilburg University, School of Economics and Management.
    5. Gregory K. DOW, 2018. "The Theory Of The Labor-Managed Firm: Past, Present, And Future," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 89(1), pages 65-86, March.
    6. repec:bla:annpce:v:89:y:2018:i:1:p:65-86 is not listed on IDEAS
    7. W. Bentley MacLeod, 2013. "On Economics: A Review of Why Nations Fail by D. Acemoglu and J. Robinson and Pillars of Prosperity by T. Besley and T. Persson," Journal of Economic Literature, American Economic Association, vol. 51(1), pages 116-143, March.
    8. Casey Ichniowski & Kathryn L. Shaw, 2009. "Connective Capital as Social Capital: The Value of Problem-Solving Networks for Team Players in Firms," NBER Working Papers 15619, National Bureau of Economic Research, Inc.
    9. Pablo Blanchard & Gabriel Burdín & Andrés Dean, 2023. "Property Rights and Effort Supply," Documentos de Trabajo (working papers) 23-01, Instituto de Economía - IECON.
    10. Zou, Liang, 1992. "Ownership structure and efficiency: An incentive mechanism approach," Journal of Comparative Economics, Elsevier, vol. 16(3), pages 399-431, September.

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